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02/07/2012

Solo Oil Exec. Director 'very excited' about Tanzania prospects

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Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.35p  (-2.78% Descending)
52-week High: 0.68p
52-week Low: 0.31p
Market Cap: 15.88M
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Solo Oil
www.solooil.co.uk
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Solo Oil plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and...

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Solo Oil says independent study points to "enormous potential" of Ruvuma Basin PSA

July 02 2012, 7:04am The ISIS report also points to “significant, but so far unquantified” oil potential in the Karoo Formation.

 

The results of an independent assessment of the Ruvuma Basin production area underlines its “enormous potential”, said Solo Oil (LON:SOLO) this morning.

The work, carried out by ISIS Petroleum Consultants, points to “unrisked” gas in place of 5.75 trillion cubic feet.

Based on these findings and the recent flow tests of the Ntorya-1 discovery well, Solo said it will be “actively seeking an additional partner to participate in the next phase of exploration and development”.

The study suggests Ntorya contains an unrisked 1.17tcf of gas, of which 178 billion cubic feet is discovered. 

However there is a potentially large lead “up-dip” of Ntorya, which is estimated to be in the order of 2.62tcf, Solo said. 

The ISIS report also points to “significant, but so far unquantified” oil potential in the Karoo Formation.

Director Neil Ritson said: “The existence of identified discoveries, leads and prospects with mean potential of 5.75 tcf and a further significant potential for oil underlines the enormous potential of the Ruvuma PSA.  

“When taken together with the vast reserves discovered to date offshore and the favourable operating cost environment of the onshore this represents a very valuable resource.  

“Existing nearby infrastructure and the planned Mtwara to Dar es Salaam pipeline further enhance the commercial value of this acreage.

“On the basis of the recent gas flow test results at Ntorya-1 and the over 1 tcf potential at Ntorya and the other prospects reported by ISIS; Solo will now be actively seeking an additional partner to participate in the next phase of exploration and development in the PSA.  

“This is a very exciting time for Solo and we expect to have further positive news through the summer."


 

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